1. Deutsche Bank has been criticized for supporting the nuclear industry. Why does Deutsche Bank continue to be involved?

Deutsche Bank supports a well-balanced global energy system that is forward-looking and that takes account of economic conditions as well as environmental and health and safety considerations.

At present, it is still not possible to meet the substantial global energy demand solely through renewable energy sources. For this reason, we will continue to finance a diversified range of energy including nuclear power in countries where it might be appropriate. Given the increasing energy demand, we believe that nuclear power will remain a key source of low-carbon electricity generation.

At the same time, we provide financing also for the development and utilization of renewable energies. In this field, Deutsche Bank is among the most important investors and providers of financing worldwide.

2. Can you specify how specific criteria and standards are incorporated in your day to day decisions on business with the nuclear industry?

An explicit sustainability guidance related to civil nuclear energy was introduced in 2012. It ensures that specific country and project-related criteria are thoroughly reviewed. These criteria apply to any type of financial involvement by Deutsche Bank and refer to adherence to international conventions and treaties as well as environmental, safety, and social standards (e.g. Convention on Nuclear Safety, Joint Convention on the Safety of Spent Fuel Management and on the Safety of Radioactive Waste Management, Convention on Early Notification of a Nuclear Accident and the Nuclear Non-Proliferation Treaty).

On the project side, the evaluation of significant seismic or flood risks, the impact on and protection of communities and the adherence of the project design, construction, and operation to the minimum health and safety standards by International Atomic Energy Authority receive special attention.

3. Is there any type of transaction related to the civil nuclear sector that you generally would object to support?

Potential business opportunities are reviewed on a case by case basis by applying our internal criteria. The decision to pursue or to withdraw from a particular business opportunity is based on the due diligence results.

Post Fukushima crisis, Japanese society is seeking ways to dramatically reduce or eliminate nuclear generation while maintaining carbon budgets and improving energy security. Logically, this can only be achieved using conservation and efficiency measures and natural gas as a transition fuel as renewable energy capacity is aggressively built.